Chevron U.S.A. Inc., through its Chevron New Energies division, has acquired a majority stake in the ACES Delta, LLC joint venture, representing a part of Chevron New Energies’ broader efforts to pursue lower carbon energy solutions. This joint venture with Mitsubishi Power Americas plans to use electrolysis to convert renewable energy into hydrogen and will utilize solution-mined salt caverns for seasonal, dispatchable storage of the energy in Delta, Utah.
S&C advised Chevron on this transaction. For decades, S&C has brought a generalist and multidisciplinary problem-solving approach to some of the world’s most complex energy projects. As the industry evolves, our deep knowledge of this sector and our experience solving new and complex commercial and legal issues helps clients manage new risks. Lawyers in our offices across the globe draw from wide-ranging experience across natural resources, energy, infrastructure and related sectors to structure innovative transactions.
Last year, we advised California Resources Corporation, California’s largest producer of oil and natural gas, in its joint venture with Brookfield Renewable focused on carbon capture and sequestration. In 2022, we also advised Electrify America, the largest open ultra-fast electric vehicle charging network in North America, as it raised $450 million of equity from Siemens in a deal that the White House heralded as evidence of a U.S. auto industry renaissance. And this year we advised Sempra Infrastructure Partners in its $7 billion project financing, and related equity raising for, the Port Arthur LNG Phase 1 project in Texas.
The S&C team advising Chevron is led by Inosi Nyatta and Brian Hamilton and includes Sam Saunders and Renata Mascarenhas. Mehdi Ansari and Grace Son are advising on IP matters. Matt Friestedt and Joyce Lee are advising on executive compensation matters. Eric Wang, John Jo and Vincent Lan are advising on tax matters and Matt Brennan is advising on environmental matters.
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